Trade Turkey targets 2024 chemical export revenues of $35bn Turkey is aiming to increase chemical export revenues by 15 percent year on year to $35 billion in 2024, according to an industry trade body. Exports reached $30.57 billion last year, down 8.7 percent from 2022, Hürriyet Daily News reported, citing Adil Pelister, president of the Istanbul Chemicals and Chemical Products Exporters’ Association. Global commodity prices fell […] January 16, 2024
Finance Middle East cash injection to propel space industry to $75bn The value of the Middle East space sector is expected to hit $75 billion by 2032, and a new report predicts that spending will increase by 92 percent over the next decade. The region’s space economy has trebled in 10 years to reach an estimated $25 billion in 2023, according to the white paper published […] January 16, 2024
Banking and Finance Dubai’s GII invests $160m in Saudi medical group Sharia-compliant asset management group Gulf Islamic Investments (GII) has invested $160 million (SAR 600 million) in Saudi Arabia’s Abeer Medical Group. Abeer is the largest affordable healthcare services provider in Saudi Arabia, operating 50 medical centres, clinics, hospitals, pharmacies, and optical centres across GCC countries and India. GII co-founder and co-CEO Mohammed Alhassan said the […] January 15, 2024
Construction Private credit lenders expect surge in ‘last mile’ finance Private credit firms are preparing for a surge in demand for “last mile” financing from construction companies across the Middle East. This form of financing plays a critical role in the delivery of projects that are on the brink of completion but have been hit by budget overruns or unforeseen costs. William Watson, a partner […] January 15, 2024
Banking and Finance Bank Muscat to invest $390m in GCC-listed banks Bank Muscat is to invest up to 150 million riyals ($389.97 million) in various GCC-listed banks as part of its growth strategy. The sharia-compliant lender said in a statement on the Muscat Stock Exchange on Monday that it was given an in-principle approval from the Central Bank of Oman to set up a wholly owned […] January 15, 2024
Economy Larger deficits unlikely to trouble Saudi debt access Saudi Arabia faces several years of budget deficits as it pushes ahead with massive development projects. Construction is fuelling the regional economy despite a slide in oil prices, raising questions about the kingdom’s continued access to debt markets. Saudi Arabia launched its Vision 2030 plan in 2016 to diversify the economy away from oil, but […] January 15, 2024
Analysis Industry Iraq’s biggest telecoms firms tap into resurgent market Lower taxes, improved political stability and troubles at a smaller rival have helped Iraq’s top two telecoms operators reverse a decline in earnings. Now the duo, Zain Iraq, a subsidiary of Kuwait’s Zain, and Asiacell, which is majority owned by the former Qatari telecom monopoly Ooredoo, should prosper further in 2024. Zain and Asiacell have […] January 15, 2024
Opinion Finance ‘I’m not invited to Davos. It doesn’t bother me so much’ The WEF annual meeting is struggling to retain its role as 'king of the forums' January 12, 2024
Video length: 05:39 VIDEO Finance Sovereign wealth funds: the Gulf’s biggest power players Did you know that the world’s first sovereign wealth fund was set up in the GCC? Kuwait Investment Authority was established in 1953, eight years before the country’s independence, to invest surplus oil revenues. Now every GCC country has a sovereign wealth fund responsible for financial returns and national economic development. “Today there are over […] January 12, 2024
Opinion Trade The Red Sea: a cautionary tale The Gulf nations could use the latest shipping crisis as a stimulus to bolster food security January 12, 2024
Trade UAE and Costa Rica finalise trade pact terms The UAE and Costa Rica have concluded negotiations on the final terms of a comprehensive economic partnership agreement (Cepa) between the two countries. Once implemented, the Cepa will eliminate or lower tariffs, reduce trade barriers, promote private-sector collaboration and develop pathways for investment, the UAE state-run Wam news agency reported. The UAE’s minister of state […] January 12, 2024
Trade Turkey’s exports to UAE and Saudi Arabia rise 78% Turkey’s exports to the United Arab Emirates (UAE) and Saudi Arabia reached $11.2 billion (336 billion lira) in 2023, an increase of 78 percent from $6.3 billion in 2022, according to a local media report. Exports to the UAE increased by 63.4 percent year on year to $8.58 billion last year, state-owned Anadolu Agency said, […] January 12, 2024
Finance Avalon Pharma finalises price range for IPO Saudi Arabia’s Middle East Pharmaceutical Industries Company (Avalon Pharma) has set the offer price range for its proposed initial public offering (IPO). The price range has been set between SAR78 and SAR82 ($20.80-$21.87), the company said in a statement. The institutional book-building period will run from January 14 to 18. The home-grown pharmaceutical maker will […] January 12, 2024
Banking and Finance Qatar National Bank’s profit rises 8% to $4.14bn in 2023 Qatar National Bank (QNB), the largest Gulf bank by assets, said 2023 net profit rose eight percent to QR15.5 billion ($4.14 billion), driven by loan growth and higher operating income. Operating income jumped 11 percent year on year to QR39.1 billion, the bank said in a statement. Total assets stood at QR1.23 trillion by the […] January 12, 2024
Analysis Tech Korek Telecom fights $1.65 billion award to partners A Dubai court will next month hear whether it should scrap a $1.65 billion award against an Iraqi telecom operator and its politically connected top shareholder. The long-running dispute underscores the risk that foreign investors face in Iraq, a country devastated by decades of conflict and sanctions and which is among the world’s most corrupt […] January 11, 2024
Infrastructure ADIA unit invests in Indonesian toll roads system A wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) has invested in Indonesia’s Trans Java Toll Roads, partnering with Dutch pension fund APG Asset Management and Indonesia’s sovereign wealth fund Indonesia Investment Authority (INA). APG said the deal is part of Indonesia’s bid to raise up to $2.75 billion in investment in its toll […] January 11, 2024
Trade Healthcare, hydrogen and more: Saudi-Thai deals in sight Saudi Arabia and Thailand are strengthening economic ties with prospective deals in healthcare, hydrogen and agriculture after patching up a longstanding diplomatic spat. The two nations reached a rapprochement in January 2022, more than three decades after a dispute over a 1989 jewellery heist known as the Blue Diamond Affair. “The economic opportunities from cooperation […] January 11, 2024
Finance IMF approves $1.2bn loan to support Jordan’s reforms The International Monetary Fund (IMF) has approved a $1.2 billion, four-year loan programme to support Jordan’s economic and financial reforms. The new arrangement replaces the previous extended fund facility arrangement, which was approved in March 2020 and was set to expire in March 2024. Jordan will get immediate access to about $190 million of the […] January 11, 2024
Economy Egypt’s inflation slows for the third month to 33.7% Egypt’s annual inflation eased for the third consecutive month in December, closing 2023 at 35.2 percent, according to the Central Agency for Public Mobilization and Statistics (Capmas). The inflation rate was 36.4 percent in November and 38.5 percent in October. Likewise, the urban consumer price inflation fell to 33.7 percent in December from 34.6 percent […] January 11, 2024
Banking and Finance Dubai Investments plans flagship project in Africa UAE investment group Dubai Investments has revealed details of its first flagship mixed-use development in Africa. The company is creating Dubai Investments Park Angola, a 2,000 hectare residential, commercial and industrial hub in the West African country. The project, based 50 kilometres from the capital Luanda in Bengo Province, includes an 18-hole golf course and […] January 10, 2024
Analysis Trade Oman and India accelerate talks on trade deal Oman and India have scheduled a third round of talks next week as they seek to complete a free trade agreement. The negotiations, which began in late November in New Delhi, are “progressing well” with two rounds completed in a matter of weeks, according to officials. Bilateral trade reached $12.4 billion in the financial year […] January 10, 2024
Real Estate Khalaf Al Habtoor escalates dispute with Lebanon Emirati businessman Khalaf Al Habtoor has escalated his feud with the Lebanese authorities by launching an investment treaty dispute against the country. The legal notice of the dispute alleges that Beirut’s treatment of his conglomerate, Al Habtoor Group, breaches the investment treaty between the UAE and Lebanon. Under the 1999 agreement, Lebanon committed to protect […] January 10, 2024
